Synchronoss Technologies (SNCR) - Get Report shares were up were nearly 10% in Friday morning trading after it was revealed that investment firm Silver Private Holdings took a 12.93% stake in the cloud computing company.
The firm purchased 1.36 million shares at an average purchase price of $15.90 per share. The total price of the purchase was $21.57 million.
Silver Capital said that it purchased the shares "mindful that they may be interested in pursuing a potential strategic transaction" involving the company.
Last month the company's stock tanked after CEO Ronald Hovsepian and CFO John Frederick left the company on the same day.
Editor's note: story has been updated since 8:20 am EST
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